March 10, 2022 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 16]. The bidding procedures order would (i) approve bidding procedures in respect of the sale of substantially all of the Debtors’ assets (the "Sale"), (ii) authorize the Debtors to select a stalking horse…
March 10, 2022 – The Court hearing the Klausner Lumber Two case issued an order confirming the First Amended Plan of Liquidation filed by the Debtor and its Official Committee of Unsecured Creditors (the “Committee,” and together with the Debtor, the “Plan Proponents”) [Docket No. 1285]. The confirmation order comes after a two day hearing…
March 9, 2022 – The Debtors filed a third Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 513 and 515, respectively] with each attaching a redline showing changes to the version filed on March 3, 2022. UPDATE: On April 5, 2022, the Debtors filed a technically modified Third Amended Plan of Reorganization…
March 1, 2022 – The Court hearing the Permico Midstream Partners Holdings cases issued an order approving the $3.7mn sale of substantially all of the Debtors’ assets to Permico Founders, LLC (the “Purchaser,” an affiliate of Texas midstream assets specialist Permico Energia) [Docket No. 396]. The Purchaser's APA is attached to the order at Exhibit…
March 8, 2022 – The Debtor's filed a motion seeking approval of the sale of its real property located at 944 Airole Way, Los Angeles, CA 90077 (the “Property”) to Richard Saghian who was the winning bidder ($141.0mn consideration comprised of a $126.0mn purchase price plus a $15.0mn commission*) at an auction which concluded on…
March 3, 2022 – The Debtors filed a Second Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 473 and 474, respectively] withe each attaching a redline showing changes to the versions filed on February 4, 2022. The Limerick, Ireland based Debtors own the world’s largest fleet of regional aircraft and filed for…
March 2, 2022 – The Court hearing the Teligent cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including May 12, 2022 and July 11, 2022, respectively [Docket No. 535]. Absent the requested relief, the Plan filing and solicitation…
February 23, 2022 – The Chapter 11 Trustee appointed to the Debtors' cases notified the Court that Permico Founders, LLC (the “Purchaser," an affiliate of Texas midstream assets specialist Permico Energia) had been designated as the successful bidder ($3.7mn bid) in a sale of substantially all of the Debtors' assets [Docket No. 388]. The Purchaser's…
February 23, 2022 – The Debtors filed a motion to extend the periods during which they have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including June 23, 2022 and August 22, 2022, respectively [Docket No. 130]. Absent the requested relief, the Plan filing and solicitation periods were…
February 25, 2022 – The Debtors filed a motion to extend the periods during which they have an exclusive right to file a Plan, and solicit acceptances thereof, through and including June 28, 2022 and August 27, 2022, respectively [Docket No. 483]. Absent the requested relief, the Plan filing and solicitation periods are scheduled to…
